Mission Statement, Vision, & Core Values (2024) of CVB Financial Corp. (CVBF)

An Overview of CVB Financial Corp. (CVBF)

General Summary of CVB Financial Corp. (CVBF)

CVB Financial Corp., the holding company for Citizens Business Bank, was founded in 1974 and is headquartered in Ontario, California. The company primarily offers a range of banking and financial services, including personal banking, business banking, and wealth management services. As of 2024, CVB Financial Corp. reported total sales of approximately $336.9 million for the third quarter.

Company's Financial Performance in the Latest Financial Reports

In the third quarter of 2024, CVB Financial Corp. achieved a net interest income of $113.6 million, reflecting a 2.50% increase from the previous quarter, but a 7.90% decrease compared to the same quarter in 2023. The company's net income was reported at $51.2 million, with earnings per share of $0.37, a slight increase from $0.36 in the second quarter of 2024.

Moreover, total loans and leases stood at $8.57 billion, a decrease of 1.26% from the previous quarter and 3.73% year-over-year. The company executed sale-leaseback transactions, generating a pre-tax net gain of $9.1 million. The return on average assets (ROAA) was 1.23%, and the return on average equity (ROAE) was 9.40%.

Introduction to Company as a Leader in the Industry

CVB Financial Corp. is recognized as a leader in the banking industry, particularly in serving small to medium-sized businesses. The company has consistently maintained profitability, achieving its 190th consecutive quarter of profitability. CVB Financial Corp.'s commitment to customer service and strategic growth initiatives has positioned it favorably in the competitive landscape of financial services. To understand more about why CVB Financial Corp. stands out in the industry, further insights can be explored below.

Mission Statement of CVB Financial Corp. (CVBF)

Mission Statement of CVB Financial Corp. (CVBF)

CVB Financial Corp. is dedicated to providing exceptional financial services tailored to meet the needs of its customers while maintaining a strong commitment to community and ethical practices. The mission statement serves as a guiding principle for the company’s strategic direction and operational objectives.

Core Component 1: Customer Commitment

CVB Financial Corp. emphasizes a strong commitment to its customers by offering high-quality banking services. The company aims to build lasting relationships with clients by understanding their financial needs and providing personalized solutions. As of September 30, 2024, the bank reported total deposits of $12.07 billion, reflecting a net increase of $407.9 million compared to the previous quarter .

Core Component 2: Community Engagement

The company actively engages with the communities it serves, supporting local initiatives and fostering economic growth. This engagement is evident through various programs and partnerships aimed at enhancing community well-being. In the third quarter of 2024, CVB Financial Corp. recorded net earnings of $51.2 million, which contributes to its ability to reinvest in community-oriented projects .

Core Component 3: Integrity and Ethics

Integrity and ethical practices are at the forefront of CVB Financial Corp.'s operations. The company is committed to transparency and accountability in its financial dealings. The efficiency ratio for the third quarter of 2024 was reported at 46.53%, indicating effective management of operational costs while maintaining service quality .

These metrics not only reflect the financial health of CVB Financial Corp. but also underscore its commitment to delivering high-quality products and services while adhering to its mission statement principles.

Vision Statement of CVB Financial Corp. (CVBF)

Vision Statement of CVB Financial Corp. (CVBF)

The vision statement of CVB Financial Corp. (CVBF) focuses on several key components that define the company's strategic direction and aspirations for the future as of 2024. These components include a commitment to quality service, growth in the banking sector, and a focus on community engagement.

CVB Financial Corp. emphasizes its dedication to providing high-quality service to its customers. This commitment is reflected in its operational metrics, including:

• Return on Average Assets (ROAA): 1.23%
• Return on Average Equity (ROAE): 9.40%
• Net Interest Margin (NIM): 3.05%

These figures demonstrate the bank's efficiency and effectiveness in managing its assets and equity while providing value to its customers. The efficiency ratio stands at 46.53%, indicating a strong focus on maintaining operational efficiency .

CVB Financial Corp. aims to expand its footprint in the banking sector, targeting small to medium-sized businesses. Key financial indicators supporting this growth strategy include:

This data reflects a strategic adjustment in asset management and loan portfolios, aligning with the company's vision to foster growth while managing risk effectively .

CVB Financial Corp. prioritizes community engagement as part of its vision. The bank's initiatives include various community service programs and support for local businesses. As of September 30, 2024, the company reported:

• Net income: $51.2 million
• Dividend declared: $27.977 million
• Community investment initiatives: Ongoing support for local charities and organizations

This commitment not only enhances the company's reputation but also strengthens its relationship with the communities it serves .

CVB Financial Corp.'s vision statement encapsulates its dedication to quality service, growth in the banking sector, and community engagement. The financial metrics and strategic initiatives outlined above reflect the company's aspirations and operational focus as it navigates the challenges and opportunities of the financial landscape in 2024.

Core Values of CVB Financial Corp. (CVBF)

Integrity

The core value of integrity at CVB Financial Corp. (CVBF) emphasizes honesty and transparency in all business dealings. This commitment is crucial for fostering trust among stakeholders, including customers, employees, and investors.

CVBF demonstrates its commitment to integrity through its comprehensive compliance programs and adherence to regulatory requirements. The company has maintained a robust internal audit framework, ensuring that all operations align with legal standards and ethical practices. For instance, the effective tax rate for the nine months ended September 30, 2024, was 26.25%, reflecting the company's commitment to regulatory compliance.

Customer Commitment

Customer commitment is at the forefront of CVBF's operations, highlighting the importance of exceptional service and responsiveness to client needs. The bank focuses on building long-term relationships with its clients, ensuring their financial success.

In 2024, CVBF reported noninterest income of $12.8 million for the third quarter, which included service charges on deposit accounts totaling $5.1 million. This reflects the bank's dedication to providing valuable services to its customers. Additionally, the bank executed sale-leaseback transactions, generating a pre-tax net gain of $9.1 million, further demonstrating its strategic focus on enhancing customer value.

Teamwork

Teamwork is a vital core value at CVB Financial Corp., fostering collaboration and mutual support among employees. This value underpins the bank's culture, encouraging a cooperative environment where individuals work together towards common goals.

As of September 30, 2024, CVBF's total equity was reported at $2.20 billion, an increase from $2.08 billion at the end of 2023. This growth is attributed to the collective efforts of the team, showcasing how teamwork leads to enhanced organizational performance. The bank's efficiency ratio was recorded at 46.53%, indicating effective collaboration in managing operational costs.

Community Engagement

CVB Financial Corp. prioritizes community engagement, recognizing its responsibility to contribute positively to the communities it serves. This value reflects the bank's commitment to social responsibility and active participation in community development initiatives.

In 2024, CVB Financial Corp. reported total assets of $15.4 billion, reflecting its financial stability and capacity to invest in community programs. The bank's subsidiary, CitizensTrust, had approximately $4.7 billion in assets under management, demonstrating its role in supporting local economies. Furthermore, CVBF's focus on small to medium-sized businesses illustrates its commitment to fostering local entrepreneurship and growth.

Excellence

Excellence is a core value that drives CVB Financial Corp. to achieve high standards in its services and operations. This commitment to excellence is reflected in the company's performance metrics and strategic initiatives.

As of the third quarter of 2024, CVBF reported net interest income of $113.6 million, an increase from the previous quarter, showcasing its effective management of financial resources. The bank's return on average assets (ROAA) was 1.23%, indicating its efficiency in generating profits relative to total assets. This focus on excellence positions CVB Financial Corp. as a leader in the banking sector, continually striving for improvement and innovation.

Article updated on 8 Nov 2024

Resources:

• CVB Financial Corp. (CVBF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of CVB Financial Corp. (CVBF)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View CVB Financial Corp. (CVBF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.